TYLER, Texas, Nov. 16, 2020 (GLOBE NEWSWIRE) -- Southside Bancshares, Inc., (NASDAQ:SBSI), will resume purchases of our common stock subject to its current Stock Repurchase Plan, under which 1.1 million authorized shares remain.
“Due to our financial performance and the continued volatility in the market, we believe the opportunity remains to purchase shares of our stock at attractive price levels,” stated Lee R. Gibson, President and Chief Executive Officer. “On April 1, 2020, we temporarily paused purchases under the Plan due to uncertainties resulting from the pandemic.”
On March 13, 2020, the Company announced the Board of Directors increased its authorization under the Plan, previously authorized in September 2019, by an additional 1.0 million shares, for a total authorization to repurchase up to 2.0 million shares. Under the Plan, approximately 900,000 shares have been repurchased at an average price of $29.82 per share. There have been no repurchases since March 31, 2020.
Repurchases may be carried out in open market purchases, privately negotiated transactions and pursuant to any trading plan that might be adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended. The Company has no obligation to repurchase any shares under the Plan and may modify, suspend or discontinue the Plan at any time.
About Southside Bancshares, Inc.
Southside Bancshares, Inc. is a bank holding company headquartered in Tyler, Texas, with approximately $7.19 billion in assets as of September 30, 2020. Through its wholly-owned subsidiary, Southside Bank, Southside currently operates 57 branches and a network of 80 ATMs/ITMs throughout East Texas, Southeast Texas, Dallas/Fort Worth and Austin. Serving customers since 1960, Southside Bank is a community-focused financial institution that offers a full range of financial products and services to individuals and businesses. These products and services include consumer and commercial loans, mortgages, deposit accounts, safe deposit boxes, treasury management, wealth management, trust services, brokerage services and an array of online and mobile services.
